At the 2023 AGM of Hysan Development Company Limited announced that Mr. Jebsen Hans Michael, after having served on the Board for more than 29 years, retired as a Non-Executive Director with effect from the conclusion of the 2023 AGM in order to spend more time pursuing his personal interests and other business commitment. Following his retirement, Mr. Jebsen ceased to be the chairman of the Sustainability Committee. The Board announced the appointment of Ms. Chung Cordelia as an Independent Non- Executive Director, a member of the Remuneration Committee and the Nomination Committee with effect from the conclusion of the 2023 AGM.

Ms. Chung, aged 63, has extensive multinational experiences specialising in information technology, with knowledge in building industry. She has trained and practised as a lawyer. Ms. Chung had spent over 20 years with IBM China/Hong Kong Limited ("IBM").

She was the first Asian female executive to serve on the IBM chairman and chief executive officer's strategy team, responsible for setting global directions for the company. She held senior leadership positions at IBM, including regional general manager for Southeast Asian countries, general manager for Hong Kong and Macau and general counsel for Asia Pacific. Ms. Chung holds a Bachelor of Laws (Hons) degree from the University of Hong Kong.

Ms. Chung currently serves as an independent non-executive director of Hang Seng Bank Limited and a non-executive director of each of Arup Group Limited and Hong Kong Science and Technology Parks Corporation. She is the chairman of Maryknoll Convent School Foundation Limited and a consultant at Raymond T.Y. Chan, Victoria Chan & Co. Ms. Chung also serves as a member of the Court of City University of Hong Kong, a member of the Human Resources Planning Commission of the HKSAR Government and a member of the Research Grants Council of the HKSAR Government.

Ms. Chung was awarded the Directors of the Year Award 2022 for "Statutory/Non-profit-distributing Organizations Non-Executive Directors" by The Hong Kong Institute of Directors. Ms. Chung was previously a non-executive director of Grosvenor Asia Pacific Limited, a member of Dalian Committee of the Chinese People's Political Consultative Conference and the Personal Data (Privacy) Advisory Committee of the Office of the Privacy Commissioner for Personal Data, Hong Kong. Ms. Chung was also a trustee of the board, the chairman of promotion and development committee and member of audit and risk committee of the Singapore University of Technology and Design.

Director's fees are subject to Board's review from time to time having considered the level of responsibility, experience and abilities required of, the level of care and amount of time required and the fees offered for, similar positions in comparable companies. She receives no other compensation from, and has no service contract with, the Company or any of its subsidiaries. The Board further announces that, in light of the retirement of Mr. Jebsen as abovementioned, the Nomination Committee recommended and the Board resolved to appoint Ms. Young Elaine Carole, an Independent Non-Executive Director, as the chairman of the Sustainability Committee, with effect from the conclusion of the 2023 AGM.

Upon review of the existing composition of the Board Committees by the Nomination Committee, the Board resolved that following the appointment of Ms. Chung as a member of the Remuneration Committee and the Nomination Committee, Mr. Poon Chung Yin Joseph and Mr. Fan Yan Hok Philip would cease to be a member of the Remuneration Committee and the Nomination Committee, respectively. With effect from the conclusion of the 2023 AGM, the composition of the Remuneration Committee, the Nomination Committee and the Sustainability Committee are as follows: Remuneration Committee: Fan Yan Hok Philip (Committee Chairman), Chung Cordelia, Churchouse Frederick Peter. Nomination Committee: Lee Irene Yun-Lien (Board and Committee Chairman), Chung Cordelia, Churchouse Frederick Peter Poon Chung Yin Joseph, Lee Chien.

Sustainability Committee: Young Elaine Carole (Committee Chairman), Wong Ching Ying Belinda, Lee Tze Hau Michael.